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Form N-PX · fund registrantSEC filer no. 1027596

ADVISORS SERIES TRUST

fund voting report

Vote records reported
20,087year to 30 June 2026
Against management
7.4%1,422 of 19,092 marked votes
Say-on-pay support
89.6%for, of for + against + abstain
Shareholder-proposal support
28.9%for, of for + against + abstain
90.0% for8.2% against1.8% other7.4% against management19,191 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

ADVISORS SERIES TRUST reported 20,087 vote records for the year to 30 June 2026. It marked 7.4% of its votes as cast against management (1,422 of 19,092), 1.2 percentage points above the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 21.1%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 89.6% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 28.9% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (38.5% of 109), CORPORATE GOVERNANCE (20.8% of 1,310) and OTHER SOCIAL ISSUES (13.9% of 360).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share7.4%6.2%10.6%
Say-on-pay support rate89.6%91.6%86.0%
Shareholder-proposal support rate28.9%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS12,55011,8105055.8%
SECTION 14A SAY-ON-PAY VOTES1,3311,13813010.7%
AUDIT-RELATED1,4331,42520.5%
INVESTMENT COMPANY MATTERS101100.0%
SHAREHOLDER RIGHTS AND DEFENSES115723338.5%
EXTRAORDINARY TRANSACTIONS10110011.0%
CAPITAL STRUCTURE922868545.7%
COMPENSATION61250910213.7%
CORPORATE GOVERNANCE1,3361,08024720.8%
ENVIRONMENT OR CLIMATE176111615.1%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE1642214113.0%
DIVERSITY, EQUITY, AND INCLUSION3533111.4%
OTHER SOCIAL ISSUES3608626413.9%
OTHER4433666613.5%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202422,8747.8%85.4%26.0%
year to 30 June 202520,4446.7%90.0%23.9%
year to 30 June 202620,0877.4%89.6%28.9%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, ADVISORS SERIES TRUST voted against management on 65 of the 711 it marked either way (9.1%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 4 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 360 proposals from security holders that could be told apart in the filings and on which it cast a vote, ADVISORS SERIES TRUST voted for 117 (32.5%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
Microsoft Corporation5 Dec 2025Report on Data Operations in Human Rights Hotspots
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
McDonald's Corporation20 May 2026Advisory Vote to Adopt Policy for an Independent Chair.
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
NextEra Energy, Inc.21 May 2026Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
CATERPILLAR INC.10 Jun 2026Shareholder Proposal - Shareholder Right to Act by Written Consent
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
Lowe's Companies, Inc.29 May 2026Shareholder Proposal requesting an independent board chairman.
Intel Corporation13 May 2026Oversee Independent Review and Report on Human Rights Due Diligence Process
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
PALANTIR TECHNOLOGIES INC.3 Jun 2026Stockholder proposal entitled "Political Spending Disclosure,"
S&P Global Inc.20 May 2026Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder...
Deere & Company25 Feb 2026Shareholder proposal on shareholder right to act by written consent
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Micron Technology, Inc.15 Jan 2026Reduce Ownership Threshold for Shareholders to Call Special Meeting
Lam Research Corporation4 Nov 2025Stockholder proposal titled "Realistic Shareholder Ability to Call for a Special Shareholder Meeting,"
Analog Devices, Inc.11 Mar 2026To consider a shareholder proposal
CVS Health Corporation14 May 2026Stockholder Proposal for Reducing the Threshold for Our Stockholder Right to Act By Written Consent.
Booking Holdings Inc.2 Jun 2026Non-binding stockholder vote on a proposal to avoid brand damage due to corporate political spending.
EXXON MOBIL CORPORATION27 May 2026Proposal requesting Company to modify its Voluntary Retail Voting Program to provide multiple options not...
Colgate-Palmolive Company8 May 2026Stockholder proposal entitled "Independent Board Chairman."
Boston Scientific Corporation30 Apr 2026Stockholder proposal titled "Give Shareholders the Ability to Call for a Special Shareholder Meeting."
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on Al data usage oversight.
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Intercontinental Exchange, Inc.15 May 2026A stockholder proposal regarding independent board chairman
Zoetis Inc.20 May 2026Shareholder proposal to permit shareholder action by written consent.

Shares on loan

ADVISORS SERIES TRUST reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

25 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Vox Populi ETF6,7058.6%85.2%42.2%
Pzena International Value Fund1,2618.4%98.1%0.0%
Pzena Emerging Markets Value Fund84417.5%80.0%not reported
OShaughnessy Market Leaders Value Fund8255.3%90.0%41.2%
Edgar Lomax Value Fund7913.3%88.0%13.3%
Huber Large Cap Value7596.9%87.8%21.9%
Pzena International Small Cap Value Fund7228.3%100.0%not reported
Logan Capital Broad Innovative Growth ETF7105.8%85.2%30.9%
Pzena International Value ETF703not reportednot reportednot reported
Davidson Multi-Cap Equity Fund6943.9%85.7%14.5%
Huber Select Large Cap Value6014.0%92.5%21.7%
Scharf Global Opportunity Fund5964.8%90.9%29.3%
Pzena Mid Cap Value Fund5180.6%100.0%5.9%
Pzena Small Cap Value Fund5180.2%100.0%not reported
Chase Growth Fund5160.0%100.0%0.0%
Scharf Fund5155.4%90.0%31.6%
Scharf Multi-Asset Opportunity Fund4736.1%89.3%33.3%
Huber Small Cap Value4565.5%100.0%not reported
Poplar Forest Partners Fund45422.2%87.1%34.5%
Poplar Forest Cornerstone Fund45422.2%87.1%34.5%
Huber Mid Cap Value4393.3%93.3%18.2%
Capital Advisors Growth Fund4120.7%100.0%0.0%
Pzena U.S. Large Cap Value ETF911.1%100.0%not reported
PIA High Yield MACS Fund15not reportednot reportednot reported
PIA High Yield Fund15not reportednot reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did ADVISORS SERIES TRUST vote on executive pay?

In the year to 30 June 2026 ADVISORS SERIES TRUST reported 1,263 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 1,132 were for (89.6%), 130 against and 1 abstentions. Counting one item per company meeting, it voted against management on 65 of the 711 say-on-pay items it marked either way. A further 4 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does ADVISORS SERIES TRUST vote against management?

7.4% of the time in the year to 30 June 2026: 1,422 of the 19,092 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did ADVISORS SERIES TRUST support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 170 votes on proposals from security holders in the year to 30 June 2026 and voted for 5 of them (2.9%). Across every category it voted for 28.9% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by ADVISORS SERIES TRUST (filer no. 1027596), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.